TaxTMI 
TaxTMI 
TaxTMI 
2019 (8) TMI 1930
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....e Income Tax Act, 1961 (for short the 'Act'). 2. Brief facts of the case are that the assessee engaged in the business of software development, designing/data conversion, services/purchase and marketing of hardware /software products and e-services, filed its return of income for the assessment year under consideration declaring the loss of Rs. 647,46,28,208/. The AO completed the assessment u/s 144C (3) r.w.s. 143 (3) of the Act. The AO, after making addition of Rs. 4,62,63,933/- towards transfer pricing adjustment, addition of Rs. 20,14,808/- on account of disallowance of prior period expenses and addition of Rs. 2,47,20,391/- on account of disallowance of loss on sale of discarded assets, determined the total loss of....
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.... discussed in this regard by the TPO against such adoption at Page 12-19 of the Transfer Pricing Order passed u/s 92CA(3) of the Income Tax Act, 1961, in the case of the Assessee for this year. 3. Whether on the facts and circumstances of the case and in law, the Ld. CIT (A) was correct in deleting the disallowance of Rs. 95,55,069/- being expenditure attributable to the exempted income, being Dividend, made in accordance with Explanation 1(f) to section 115JB of the Income Tax Act, 1961, while computing Book Profit. 4. Whether on the facts and circumstances of the case and in law, the Ld. CIT (A-57) was correct in inferring that the provisions of Explanation 1(f) to section 115JB of the Income Tax Act, 1961, does not cover the d....
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....i Bench of the Tribunal has already dealt with the identical issue in assessee's own case ITA No. 882/Mum/2017 for the AY 2012-13 and the Tribunal has restricted the commission to 0.5% by relying upon the decision of the Hon'ble jurisdictional High Court in the case of CIT vs. Everest Canto Cylinders Ltd. 378 ITR 57 (Bom). Since, the findings of the Ld. CIT (A) are in accordance with the decision of the Mumbai Tribunal rendered in the assessee's own case aforesaid, there is no merit in the appeal of the revenue. We have heard the rival submissions and also perused the material on record in the light of the rival contentions of the parties. As pointed out by the Ld. counsel for the assessee, the coordinate Bench has dealt with the ident....
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....estricting the corporate guarantee commission to 0.5% from 2.25% determined by the Ld. TPO. Since, the coordinate Bench has upheld the findings of the Ld. CIT (A) in the assessee's own case for the AY 2012-13 and since the order passed by the Ld. CIT (A) in the present case is in accordance with the decision of the coordinate Bench, we do not find any reason to interfere with the findings of the Ld.CIT (A). Hence, respectfully following the decision of the coordinate Bench, rendered in assessee's own case discussed above, we uphold the findings of the Ld. CIT (A) and dismiss Ground No. (i) and (ii) of the revenue's appeal. 7. Vide Ground No. (iii) to (v), the revenue has challenged the action of the Ld. CIT (A) in deleting disall....
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....ision of the Ld. CIT (A) reads as under:- "I have considered the facts and submissions made by the appellant. In my appellate order for assessment year 2012-13 I have confirmed the disallowance u/s 14 A to be added while computing book profit under 115 JB by application of Explanation 1(f) relying on the decision of the Hon'ble Mumbai Tribunal in the case of DCIT vs. Viraj Profiles Ltd. ITA No. 4439/Mum/2013 reported in 177 TTJ. However, during the instant proceedings the authorised representative brought to my notice that the ITAT Special Bench, Delhi in the case of ACIT vs. Vireet Investment (P) ITA No. 502/Del/2012 vide order dated 16.06.2017 has held that "computation under close (f) of Explanation 1 to section 115 JB(2) is ....